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Level 14 · ◆◆◆◆ · ~13 min

Private Values & Shading

Private Values & Shading

"In a first-price auction, bidding what it's worth to you guarantees you nothing. How far below to bid is a real calculation, and the answer depends on how many rivals you face."

private valueswhy shading is necessary in first-pricethe (n−1)/n shading ruleshading falls as competition risesthe trade-off between winning and surplus
🚀 You're jumping ahead. This builds on The Four Formats — but play it now and you'll still earn full XP. If it feels steep, those make a gentler on-ramp.

A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.